Greece: Yes or No?

Greece's prime minister Alexis Tsipras has confirmed again that his country would hold a referendum on Sunday on the terms of its bailout [Milos Bicanski/Al Jazeera]

Athens, Greece - As the Mediterranean country became the first advanced economy to default on the IMF, one question is dominating the conversation: "Yes or no?"

A 'Yes' vote in the July 5 referendum means Greece would likely receive more bailouts and remain in the eurozone, but also undergo harsher austerity measures that have so far crippled the economy.

A 'No' vote would likely boost the government's negotiation power with European officials, while some economists say it would likely lead to a full-fledged default, bankruptcy, further economic contraction and a possible exit from the eurozone, but also a revival of national pride as Greeks snub the financial interests behind the European Union, European Central Bank and International Monetary Fund.

While Greece's banks remained closed, with elderly residents without bank cards being allowed to withdraw only $134 from their accounts and others continuing to line up at cash machines to take out the maximum amount allowed each day of almost $68, Greeks are staging demonstrations in support of both sides of the question.

Greek officials had indicated they would be willing to suspend the referendum if Wednesday's talks were structured on the new funding request [Milos Bicanski/Al Jazeera]

Germany said it could not negotiate while Greece was headed for a referendum on the aid-for-reforms deal [Milos Bicanski/Al Jazeera]

In exchange for the conditional acceptance, Greece's leftist leader asked for a 29 billion euro ($32bn) loan to cover all its debt service payments due in the next two years [Milos Bicanski/Al Jazeera]

Pro-EU supporters gathered in Syntagma square during a rally in front of the parliament building in Athens [Milos Bicanski/Al Jazeera]

Pro-euro protesters scuffle with riot police during a demonstration calling for a 'Yes' vote in the referendum [Milos Bicanski/Al Jazeera]

The IMF cannot lend money to a country that is in arrears, according to the international organisation's regulations [Milos Bicanski/Al Jazeera]

German chancellor Angela Merkel effectively ruled out all negotiations, saying that Europe could "calmly" await the outcome of the referendum [Milos Bicanski/Al Jazeera]

Greece's banks remained closed and people continue to line up at cash machines to withdraw the maximum amount allowed each day, some $68 USD [Milos Bicanski/Al Jazeera]

The Greek government has allowed elderly residents without bank cards to withdraw $134 from their accounts [Milos Bicanski/Al Jazeera]